Statements that make value judgments are:
A) pecuniary.
B) positive.
C) nominal.
D) normative.
Ans: D) normative.
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Refer to the accompanying figure. When this market is in equilibrium, total producer surplus in the market is ________ per day.
A. $500 B. $375 C. $0 D. $250
What is meant by the term "opportunity cost"?
What will be an ideal response?
If aggregate supply shifts from AS1 to AS2, then the price level will:
Refer to the graph above.
A. Increase and real domestic output will increase
B. Decrease and real domestic output will increase
C. Increase and real domestic output will decrease
D. Decrease and real domestic output will decrease